When it comes to ensuring KYC and AML best practices, Binance is one of the best exchanges in the world. The company keeps updating its verification processes to stay a step ahead of fraudsters. This thing was also confirmed by Binance CEO Changpeng Zhao a short while back when his company partnered with Refinitiv for smoother KYC verification. Now it turns out that they’ve partnered with another identity startup to further improve their KYC and AML procedures. The partnership was announced yesterday, and the identity startup with which it has been forged is IdentityMind.
IdentityMind is an American startup which provides real-time onboarding, transaction monitoring and case management solutions to prevent financial crime. The offerings of exchange are aimed particularly on the needs of digital currency exchanges. Announcing its partnership with Binance the company said in a statement:
“With Binance’s tremendous trading volumes and its rapid expansion plans, compliance is naturally more challenging, especially in this fast-changing market. Our risk and compliance platform powered by a patented digital identities engine meet the scale demands of Binance’s global operations while providing a highly accurate system for assessing any global risk factors from outside entities for transactions. We are excited to provide the necessary tools that will allow them to continue growing and serving more users around the world in a secure and compliant manner.”
In short, the solutions developed by IdentityMind will help Binance with Risk management from external sources. Samuel Lim, Chief Compliance Officer of BInance, also feels the same. Commenting about the partnership with IdentityMind he said:
“The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.”
It’s remarkable that Binance has been able to retain the top spot among global exchanges based on daily trading volume despite maintaining strict KYC and AML measures. And the best part is that Binance has been expanding aggressively across geographical boundaries while maintaining these standards. Recently it expanded to Australia, and soon it may also enter Argentina. Let’s see when it enters the crypto scene of India. For now if you want to trade on it you can do so by using a stablecoin.